Genmin (ASX:GEN) has entered a non-binding agreement with ID Advisors for US$3 million in convertible notes. The funds are earmarked for the advancement of Genmin’s wholly-owned Baniaka iron ore project in Gabon, Central Africa. ID Advisors, a large family office with a history in the North American mining industry, including iron ore and steel, will receive 3 million notes and over 115.75 million unlisted options in two tranches. The notes, unsecured with a face value of US$1, will mature on June 30, 2027, and can be converted into Genmin shares at $0.040 per share, a 25.1% premium to the 30-day VWAP as of May 30, 2024.
